622 Ocean AveBrooklyn, NY 11226

  • Office properties
  • 4,218 SF
For Sale
$6,250,000 View listing

Property Details for 622 Ocean Ave

Year built
1910
Lot size
0.14 AC
Property size (Sq ft)
4,218 SF
Zone code
R7A
Property type
Office properties
Property subtype
Office buildings
APN
05100-0072
APU
51000072

Description

Exceptional development opportunity awaits at 622 Ocean Avenue, Brooklyn, NY 11226. This 6,250 sq ft lot (50 ft x 125 ft) is zoned R7A, allowing for medium-density residential development. The property boasts a 46 ft ground elevation, providing a stable foundation for construction. With a 4.0 FAR under the Quality Housing Program, the buildable area could reach up to 25,000 sq ft, presenting significant potential for a multi-unit residential building or a mixed-use project. The location in a thriving residential district offers both community charm and urban convenience. This prime site is ideal for developers seeking to create a vibrant, high-value residential project that meets the needs of the growing community. The asking price is $6,250,000. The existing structure on the property is 4,218 square feet. This presents a unique opportunity to either renovate or demolish and build anew. The R7A zoning allows for flexibility in design, catering to modern urban living demands. Don't miss this chance to capitalize on this exceptional development opportunity in a sought-after Brooklyn location.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $828,086
    6.5%
    $764,387
    7%
    $709,788
  • Comparable approach

    Method
    Valuation
    Relative Method
    $551,124
    Geo Method
    $551,124
  • Alternative Use

    Use
    Valuation
    Residential
    $947,839
    Hospitality
    $868,216
    Educational
    $722,345
    Medical
    $747,188
    Retail
    $1,123,648
622 Ocean Ave, Brooklyn, New York

Location Insight

City
Brooklyn
County
Kings
State
New York
Latitude
40.6476
Longitude
-73.9609
CBSA code
35620
CBSA name
NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2024
$34,604
$267,300
$59,400
$326,700
-
$594,000
$132,000
$726,000

FAQs

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